The total cost of the project is unknown so far. Though, Valery Vavilov, CEO at Bitfury, unveiled that it is the biggest government blockchain deal ever concluded. Some other countries – Sweden, Estonia, and Georgia in particular – have launched blockchain programs as well, but they are smaller in scope and focus on one or two sectors, such as land titles and real estate ownership. The fact that Ukraine has started such a large-scale project emphasizes a growing trend among governments to adopt the blockchain to increase efficiencies and improve transparency.

The aim of the project is really ambitious – all of the Ukraine government’s electronic data will be put on the blockchain platform.

“A secure government system built on the blockchain can secure billions of dollars in assets and make a significant social and economic impact globally by addressing the need for transparency and accountability,” said Vavilov.

“This agreement will result in an entirely new ecosystem for state projects based on blockchain technology in Ukraine,” Oleksandr Ryzhenko, head of the State Agency for eGovernance of Ukraine. “Our aim is clear and ambitious — we want to make Ukraine one of the world’s leading blockchain nations.”

Ukraine and Bitfury will start with the pilot project to introduce blockchain into the country’s digital platform. The first target areas will be state registers, public services, social security, public health, and energy. As soon as the pilot is successfully complete, the blockchain program will be expanded into all other areas, including cyber security.

Last year, the Georgian National Agency of Public Registry (NAPR) partnered with Bitfury and Peruvian economist Hernando De Soto to develop a property registry using the distributed ledger technology.

The project is now entering the next phase as the parties have inked a memorandum of understanding to expand the blockchain solutions to the sales of land titles, rentals, mortgages, demolition of property, and other services.

Georgia may become the first country to use the blockchain to secure official government transactions. Tea Tsulukiani, Georgia’s Minister of Justice, said that the Ministry of Justice of Georgia is “the leading ministry in the field of new technologies in terms of e-government, together with two other colleague ministries.” “We will be able to work with Blockchain technology from this summer to place real estate extracts in a totally safe and innovative system,” he said.